the staff of the Ridgewood blog
Ridgewood NJ, the economic whizz kids at the White House and Federal Reserve Chairman Jerome Powell keep saying inflation is “transitory.” But Friday morning’s Producer Price Index report show an 8.3% rise for the 12 months. DOL Says that’s “the largest annual increase since the US Department of Labor started measuring this price indicator in 2011.”
We would make a strong guess that this is the highest annual increase since Jimmy Carter sat in the Oval Office and presided over double digit inflation and ‘70s stagflation.
One interesting tidbit from the data: the producer prices soared highest for warehousing and transportation. Those prices have scooted up 2% per month for the past three months (on an annualized basis that’s near 25%). Gee, we wonder why these costs are rising so fast. Oh yeah. There are no truckers and warehousing workers available because of Biden Administration’s policy of paying people NOT to work.
Does it Look Like Inflation Is Going Away?